Kazakhstan Shuts Down 3,500 Illegal Crypto Platforms
Date: 2025-01-09 Author: Oliver Abernathy Categories: IN WORLD
The Financial Monitoring Agency of Kazakhstan reported that more than 3,500 illegal platforms engaged in cryptocurrency transactions were liquidated in 2024.
An additional 36 illegal crypto exchange services were shut down, with a total turnover of 60 billion tenge (approximately $113 million). Of this amount, $4.8 million was frozen and confiscated.
The agency representatives emphasized that these platforms did not conduct mandatory customer identification and did not track suspicious transactions, which made them a convenient tool for cybercriminals and organized crime groups. They were often used to sell drugs within the country.
In addition, the operation of two financial pyramids was identified that used cryptocurrency to attract funds. As a result of the investigations, it was possible to return 545,000 USDT to their victims, and freeze an additional 120,000 USDT.
To strengthen control over the cryptocurrency market, the agency proposed amendments to the legislation. They provide for the introduction of liability for digital asset operators for violating anti-money laundering regulations.
